"It's fair to say we are focused on strengthening the squad," said Woodward. "We are looking at some players in the squad as well, as players that perhaps may be sold this summer.

"We wouldn't necessarily be looking to churn [offload] a huge number of players, because that can have a destabilising effect, but we aren't afraid of moving in the market in a way we perhaps haven't seen in recent years.

"If you look at the historical churning of players by number, we've had roughly three sales and three purchases each year, and it's possible we would do more than that, but I can't guide as to where that may end up.

"It is a dynamic situation and obviously the market itself can throw up opportunities or the opposite of that [with players leaving]."

"So I don't think it would be helpful to go into that but I certainly would guide that there's going to be an increase in the medium-term.

"Our starting-point long-term strategy is focused on building a competitive squad that challenges for trophies.

"Part of the financial strength that we have presented in the results today demonstrates that we have the ability to do that.

"We have the ability to but players, to churn players and to make sure we are competing at the top level, which is what we should be doing."

United are currently in seventh spot in the Premier League, nine points off fourth place in danger of missing out on the Champions League for the first time in 19 years.

Woodward was asked what impact missing out on the Champions League would have on United financially, but he insisted the club had a big enough commercial pull and solid global fan base to cope if that, as seems increasingly likely, happened this season.

He said: "It takes a long, long time to build up a huge fan base, to have the equity values of what we are as a business and a club projected out there, so that people can understand, from a commercial perspective, why it makes sense to partner with us, and I don't think that will go away for a long time.

(Photo: Man Utd via Getty Images)

"Some of our competitors haven't won the Premier League for a long time but still sell a huge number of shirts out there globally, one just down the road from us [Liverpool].

"So that's not something I'm sitting here concerned about. What I am focusing on is that long-term strategy, which is making sure we're building a competitive squad that challenges for trophies, and that's something we are doing."

Woodward also said UEFA face a challenge in implementing their regulations of Financial Fair Play, with United's local rivals Manchester City one of those clubs whose latest financial losses have seen them fall the wrong side of the figure laid down by European football's governing body.

"I'm not going to talk about specific teams but I would say that this year is the first point where we will see how FFP is going to bite and, indeed, work have an impact on potential inflation in football," said Woodward.

"There are a number of clubs that are being looked at more closely by UEFA and I'm not obviously going to comment on specific ones.

"But I agree with the perspective that how UEFA deals with those clubs that breaches the rules or are close to breaching the rukles, is going to be important here, to see how FFP is going to impact on the industry."